M&A Deal Summary

Pulse Electronics Acquires Sonion

On January 9, 2008, Pulse Electronics acquired electrical equipment company Sonion from Polaris Private Equity, Nordic Capital and Intermediate Capital Group for 385M USD

Acquisition Highlights
  • This is Pulse Electronics’ 1st transaction in the Electrical Equipment sector.
  • This is Pulse Electronics’ largest (disclosed) transaction.
  • This is Pulse Electronics’ 1st transaction in Denmark.
Investment Fate
  • Sonion was divested to a consortium of buyers in 2009.
  • Sonion was sold to a consortium of financial buyers in 2014.

M&A Deal Summary

Date 2008-01-09
Target Sonion
Sector Electrical Equipment
Buyer(s) Pulse Electronics
Sellers(s) Polaris Private Equity
Nordic Capital
Intermediate Capital Group
Deal Type Add-on Acquisition
Deal Value 385M USD

Target

Sonion

Roskilde, Denmark
Sonion is a development, manufacturing, and sale of advanced micro acoustical and micromechanical components and solutions. The company is a B2B provider for global manufacturers of hearing instruments, mobile handsets, headsets, earphones, and medical devices. Sonion was formed in 1974 and is based in Roskilde, Denmark.

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Buyer(S) 1

Buyer

Pulse Electronics

San Diego, California, United States

Category Company
Founded 1947
Sector Electronics
Employees10,000
Revenue 355M USD (2013)
DESCRIPTION

Pulse Electronics Corporation is a electronic components partner that helps customers build the next great product by providing the needed technical solutions. Pulse Electronics has a long operating history of innovation in magnetics, antennas and connectors, as well as the ability to ramp quickly into high-quality, high-volume production.


DEAL STATS #
Overall 1 of 1
Sector (Electrical Equipment) 1 of 1
Type (Add-on Acquisition) 1 of 1
Country (Denmark) 1 of 1
Year (2008) 1 of 1
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-06-25 Sonion

Roskilde, Denmark

Sonion is a development, manufacturing, and sale of advanced micro acoustical and micromechanical components and solutions. The company is a B2B provider for global manufacturers of hearing instruments, mobile handsets, headsets, earphones, and medical devices. Sonion was formed in 1974 and is based in Roskilde, Denmark.

Sell -

Seller(S) 3

SELLER

Polaris Private Equity

Copenhagen, Denmark

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1998
PE ASSETS 1.3B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Polaris Private Equity is a mid-market Danish private equity firm focused on buyouts within Denmark and Sweden. Polaris does not have any sector preferences, however the Firm looks for 'niche' businesses that exhibit growth potential and have the ability to lead their markets. Prospective companies typically have revenues of at least €20 million. Polaris was formed in 1998 and is based in Copenhagen.


DEAL STATS #
Overall 6 of 37
Sector (Electrical Equipment) 1 of 3
Type (Add-on Acquisition) 1 of 15
Country (Denmark) 6 of 25
Year (2008) 1 of 1
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-07-02 Emotron AB

Helsingborg, Sweden

Emotron develops and produces advanced equipment enabling the company’s customers to enhance cost efficiency and reliability in processes and machinery run by electric motors. The ever growing focus on enhancing energy efficiency in all parts of society provides a strong platform for Emotron’s growth to date and in the future.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-24 PWT A/S

Aalborg, Denmark

PWT A/S is a privately held company owns and operates menswear chains.

Buy -
SELLER

Nordic Capital

Stockholm, Sweden

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 30.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Nordic Capital is a private equity investment firm that targets mid to large-sized company investments located in Northern Europe as well as the US. Nordic seeks investments across a wide range of industries and prefers situations where there are 'opportunities for new industrial combinations, strategic repositioning, international expansion and operational improvements'. Nordic Capital was formed in 1989 and is based in Stockholm, Sweden.


DEAL STATS #
Overall 26 of 79
Sector (Electrical Equipment) 1 of 1
Type (Add-on Acquisition) 11 of 24
Country (Denmark) 1 of 8
Year (2008) 1 of 2
Size (of disclosed) 12 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-08-28 Nefab AB

Jonkoping, Sweden

Nefab provides complete packaging solutions for the customer's entire logistics flow. Nefab's global presence, combined with a range of analysis methods, design, packaging products and logistics services makes it possible to assists customers in establishing a global standard for packaging.

Buy kr1.2B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-04-28 COROB

Modena, Italy

COROB is a provider of advanced tinting equipment to the paints and coatings industry. The Group supplies applications in the paint and coatings, inks, and chemical industries, as well as providing the related after-sales services on a global scale, thanks to a capillary organization dedicated to management and maintenance. COROB was founded in 1984 and is based in Modena, Italy.

Buy -
SELLER

Intermediate Capital Group

London, United Kingdom

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 74.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Intermediate Capital Group (ICG) is a global mezzanine finance firm. IGC looks to provide junior capital to support a wide range of transactions, including buyouts, debt restructurings, and development financing. The Firm generally invests alongside financial sponsors and management teams in transactions valued from €250 million to €1 billion. ICG was formed in 1989 and is headquartered in London.


DEAL STATS #
Overall 92 of 217
Sector (Electrical Equipment) 5 of 8
Type (Add-on Acquisition) 22 of 67
Country (Denmark) 1 of 5
Year (2008) 2 of 7
Size (of disclosed) 47 of 73
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-01 Care Management Group

London, United Kingdom

Care Management Group is a specialist care home operator providing high-quality residential care services for children and adults with learning disabilities and associated complex needs. Care Management Group was founded in 1994 and is based in London, United Kingdom.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-02-01 SAG

Langen, Germany

SAG GmbH is a provider of engineering, construction, maintenance and operation services for utilities and industrial clients with a focus on their energy infrastructure.

Buy -